Exhibit 99.1
AMENDED ITEM 6. SELECTED FINANCIAL DATA OF MMC’S ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2009.
Marsh & McLennan Companies, Inc. and Subsidiaries
FIVE-YEAR STATISTICAL SUMMARY OF OPERATIONS
| | | | | | | | | | | | | | | | | | | | | | |
For the Years Ended December 31, (In millions, except per share figures) | | 2009 | | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | Compound
Growth Rate
2004-2009 |
Revenue | | $ | 9,831 | | | $ | 10,730 | | | $ | 10,370 | | | $ | 9,589 | | | $ | 9,245 | | | 1% |
Expenses: | | | | | | | | | | | | | | | | | | | | | | |
Compensation and Benefits | | | 6,182 | | | | 6,830 | | | | 6,609 | | | | 6,141 | | | | 6,016 | | | 1% |
Other Operating Expenses | | | 2,871 | | | | 3,221 | | | | 3,004 | | | | 2,613 | | | | 2,891 | | | 1% |
Regulatory and Other Settlements | | | — | | | | — | | | | — | | | | — | | | | 30 | | | N/A |
Total Expenses | | | 9,053 | | | | 10,051 | | | | 9,613 | | | | 8,754 | | | | 8,937 | | | 0% |
Operating Income (a) | | | 778 | | | | 679 | | | | 757 | | | | 835 | | | | 308 | | | 21% |
Interest Income | | | 17 | | | | 47 | | | | 95 | | | | 60 | | | | 44 | | | (3)% |
Interest Expense | | | (241 | ) | | | (220 | ) | | | (266 | ) | | | (303 | ) | | | (332 | ) | | 2% |
Investment Income (Loss) | | | (2 | ) | | | (12 | ) | | | 173 | | | | 207 | | | | 183 | | | N/A |
Income Before Income Taxes | | | 552 | | | | 494 | | | | 759 | | | | 799 | | | | 203 | | | 17% |
Income Taxes | | | 21 | | | | 113 | | | | 257 | | | | 219 | | | | 53 | | | (24)% |
Income From Continuing Operations | | | 531 | | | | 381 | | | | 502 | | | | 580 | | | | 150 | | | 25% |
Discontinued Operations, Net of Tax | | | (290 | ) | | | (443 | ) | | | 1,987 | | | | 418 | | | | 260 | | | N/A |
Net Income (Loss) | | | 241 | | | | (62 | ) | | | 2,489 | | | | 998 | | | | 410 | | | 6% |
Less: Net Income Attributable to Non-Controlling Interests | | | 14 | | | | 11 | | | | 14 | | | | 8 | | | | 6 | | | 12% |
Net Income (Loss) Attributable to MMC | | $ | 227 | | | $ | (73 | ) | | $ | 2,475 | | | $ | 990 | | | $ | 404 | | | 5% |
Basic Income (Loss) Per Share Information: | | | | | | | | | | | | | | | | | | | | | | |
Income from Continuing Operations | | $ | 0.97 | | | $ | 0.70 | | | $ | 0.88 | | | $ | 1.02 | | | $ | 0.27 | | | 25% |
Discontinued Operations | | $ | (0.54 | ) | | $ | (0.83 | ) | | $ | 3.61 | | | $ | 0.75 | | | $ | 0.47 | | | N/A |
Net Income (Loss) Attributable to MMC | | $ | 0.43 | | | $ | (0.13 | ) | | $ | 4.49 | | | $ | 1.77 | | | $ | 0.74 | | | 5% |
Average Number of Shares Outstanding | | | 522 | | | | 514 | | | | 539 | | | | 550 | | | | 538 | | | |
Diluted Income (Loss)Per Share Information: | | | | | | | | | | | | | | | | | | | | | | |
Income From Continuing Operations | | $ | 0.96 | | | $ | 0.70 | | | $ | 0.88 | | | $ | 1.01 | | | $ | 0.27 | | | 25% |
Income (Loss) From Discontinued Operations | | $ | (0.54 | ) | | $ | (0.84 | ) | | $ | 3.57 | | | $ | 0.72 | | | $ | 0.46 | | | N/A |
Net Income (Loss) Attributable to MMC | | $ | 0.42 | | | $ | (0.14 | ) | | $ | 4.45 | | | $ | 1.73 | | | $ | 0.73 | | | 5% |
Average Number of Shares Outstanding | | | 524 | | | | 515 | | | | 542 | | | | 553 | | | | 541 | | | |
Dividends Paid Per Share | | $ | 0.80 | | | $ | 0.80 | | | $ | 0.76 | | | $ | 0.68 | | | $ | 0.68 | | | |
Return on Average Stockholders’ Equity | | | 4 | % | | | N/A | | | | 36 | % | | | 18 | % | | | 8 | % | | |
Year-end Financial Position: | | | | | | | | | | | | | | | | | | | | | | |
Working capital | | $ | 1,216 | | | $ | 1,391 | | | $ | 1,834 | | | $ | 1,036 | | | $ | 1,301 | | | |
Total assets | | $ | 15,337 | | | $ | 15,206 | | | $ | 17,359 | | | $ | 18,137 | | | $ | 17,892 | | | |
Long-term debt | | $ | 3,034 | | | $ | 3,194 | | | $ | 3,604 | | | $ | 3,860 | | | $ | 5,044 | | | |
Stockholders’ equity | | $ | 5,863 | | | $ | 5,760 | | | $ | 7,853 | | | $ | 5,842 | | | $ | 5,402 | | | |
Total shares outstanding (net of treasury shares) | | | 530 | | | | 514 | | | | 520 | | | | 552 | | | | 546 | | | |
Other Information: | | | | | | | | | | | | | | | | | | | | | | |
Number of employees | | | 49,000 | | | | 50,100 | | | | 51,300 | | | | 48,400 | | | | 48,700 | | | |
Stock price ranges — | | | | | | | | | | | | | | | | | | | | | | |
U.S. exchanges — High | | $ | 25.46 | | | $ | 36.82 | | | $ | 33.90 | | | $ | 32.73 | | | $ | 34.25 | | | |
— Low | | $ | 17.18 | | | $ | 20.96 | | | $ | 23.12 | | | $ | 24.00 | | | $ | 26.67 | | | |
| (a) | Includes net restructuring costs of $243 million, $328 million, $98 million, $86 million and $317 million in 2009, 2008, 2007, 2006 and 2005, respectively. |
See Management’s Discussion and Analysis of Financial Condition and Results of Operations, appearing under Amended Item 7 of this report, for discussion of significant items affecting our results of operations in 2009, 2008 and 2007.
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